Investor Potential for Crypto Not as Store of Value: Fred Hickey
Veteran investor and tech editor Fred Hickey has said the promise of Blockchain is not in cryptocurrency’s store of value potential.
High-Tech Strategist editor Fred Hickey has said cryptocurrencies will be valuable in future, but not as a “store of value.”
In notes reproduced on Twitter by Blockchain advisor and consultant George Samman, Hickey said he was a “big believer” in Blockchain, which will present “a lot of opportunities for investment.”
“... I think there will be a lot of opportunities to invest in companies exploiting this technology in the future, but not in the notion of cryptocurrencies as a ‘store of value,’” he wrote.
Hickey based his mistrust of cryptocurrency as a funds storage option on Bitcoin’s recent volatility, hitting $3,000 in June, only to fall and rebound several times.
The potential upcoming hard fork also represents “trouble” for Bitcoin, he said.
Investors lining up to pay attention to crypto regularly focus on the need for caution and due diligence when converting capital.
Fred Wilson, a venture capitalist who has been closely connected with the emerging Blockchain scene, unveiled a dedicated plan last week for those seeking to invest in ICOs.
Wilson warned about telltale signs of a poor investment, while also voicing concerns about the unchecked cash flowing into potentially unstable products.